Severn Trent submits revised business plan

27th Jun 2014 15:20

Severn Trent's wholly-owned subsidiary has submitted a revised final business plan to industry regulator Ofwat for the next five years. It has pledged to reduce its average customer bills by a further 0.3% to 1.5% in real terms, making it the lowest combined average bill in England and Wales. It said its expenditure would total £6.2bn, including capital expenditure of £3.3bn. Chief Executive of Severn Trent Liv Garfield said: "We have continued a constructive engagement with Ofwat and other stakeholders in the last few months to revise our plan. We are focused on delivering what customers want and the environment needs, while keeping prices down. "Customers will benefit from improved resilience and better services, with bill rises over 2015-2020 kept to an equivalent of 1.5% below inflation. Severn Trent already has the lowest combined average bill in England and Wales, currently £60 below the industry average, which will be frozen for next year. "We have sought to strike the right balance between the service customers receive, the bills they pay, and returns to investors. We believe our plan is fair and balanced whilst delivering better services, better value and a healthier environment."Shares had fallen 0.22% to 1,906.22p. NR